SSRN Author: Hanyi YiHanyi Yi SSRN Contenthttps://www.ssrn.com/author=3157988
https://www.ssrn.com/rss/en-usWed, 25 Mar 2020 01:21:04 GMTeditor@ssrn.com (Editor)Wed, 25 Mar 2020 01:21:04 GMTwebmaster@ssrn.com (WebMaster)SSRN RSS Generator 1.0New: Launching with a Parachute: The Gig Economy and Entrepreneurial EntryThe introduction of the gig economy creates opportunities for would-be entrepreneurs to supplement their income in downside states of the world, and provides insurance in the form of an income fallback in the event of failure. We present a conceptual framework supporting the notion that the gig economy may serve as an income supplement and as insurance against entrepreneurial-related income volatility, and utilize the arrival of the on-demand, platform-enabled gig economy in the form of the staggered rollout of ridehailing in U.S. cities to examine the effect of the arrival of the gig economy on entrepreneurial entry. The introduction of gig opportunities is associated with an increase of ~5% in the number of new business registrations in the local area, and a correspondingly-sized increase in small business lending to newly registered businesses. Internet searches for entrepreneurship-related keywords increase ~7%, lending further credence to the predictions of our conceptual ... https://www.ssrn.com/abstract=3557279
https://www.ssrn.com/1878361.htmlTue, 24 Mar 2020 09:22:41 GMTREVISION: The Cost of Convenience: Ridehailing and Traffic FatalitiesWe examine the effect of the introduction of ridehailing in U.S. cities on fatal traffic accidents. The arrival of ridehailing is associated with an increase of approximately 3% in the number of fatalities and fatal accidents, for both vehicle occupants and pedestrians. The effects persist when controlling for proxies for smartphone adoption patterns. Consistent with ridehailing increasing congestion and road usage, we find that introduction is associated with an increase in arterial vehicle miles traveled, excess gas consumption, and annual hours of delay in traffic. On the extensive margin, ridehailing’s arrival is also associated with an increase in new car registrations. These effects are higher in cities with prior higher use of public transportation and carpools, consistent with a substitution effect, and in larger cities. These effects persist over time. Back-of-the-envelope estimates of the annual cost in human lives range from $5.33B to $13.24B. https://www.ssrn.com/abstract=3288802
https://www.ssrn.com/1872100.htmlWed, 04 Mar 2020 12:20:31 GMTREVISION: Aging and Public Financing Costs: Evidence from U.S. Municipal Bond MarketsWe examine the impact of population aging on municipal access to credit. A one standard deviation increase in a state’s population age leads to a 23 basis point increase in municipal bond issue spread. Three mechanisms drive this effect: income tax revenue, healthcare liabilities, and pension underfunding. Constitutional pension protections and securities with lower credit quality or longer maturity exacerbate the effect. To control for endogenous migration and mortality patterns, we exploit variation from historical state fertility trends. Our findings highlight the challenges municipalities face to cope with systemic demographic transition. https://www.ssrn.com/abstract=3301648
https://www.ssrn.com/1857765.htmlTue, 14 Jan 2020 17:31:27 GMTREVISION: Aging and Public Financing Costs: Evidence from U.S. Municipal Bond MarketsWe examine the effect of population aging on state municipal bond issuance cost. A one standard deviation increase in the fraction of population that is 65 or older leads to a 23-24 basis point increase in bond issue yield spread. Reduced personal income tax revenue, increased pension obligations, and increased retiree healthcare liabilities together explain approximately 50% of the effect. We exploit historical trends in birth rates to construct an instrumental variable. The findings suggest that demographic changes impact state governments’ fiscal conditions through affecting their cost of accessing the financial market. https://www.ssrn.com/abstract=3301648
https://www.ssrn.com/1857555.htmlTue, 14 Jan 2020 10:18:19 GMTREVISION: The Cost of Convenience: Ridehailing and Traffic FatalitiesWe examine the effect of the introduction of ridehailing in U.S. cities on fatal traffic accidents. The arrival of ridehailing is associated with an increase of approximately 3% in the number of fatalities and fatal accidents, for both vehicle occupants and pedestrians. Consistent with ridehailing increasing congestion and road usage, we find that introduction is associated with an increase in arterial vehicle miles traveled, excess gas consumption, and annual hours of delay in traffic, as well as new car registrations. These effects persist over time. Back-of-the-envelope estimates of the annual cost in human lives range from $5.33B to $13.24B. https://www.ssrn.com/abstract=3361227
https://www.ssrn.com/1802866.htmlSun, 30 Jun 2019 11:15:31 GMTREVISION: The Cost of Convenience: Ridesharing and Traffic FatalitiesWe examine the effect of the introduction of ridesharing services in U.S. cities on fatal traffic accidents. The arrival of ridesharing is associated with an increase of approximately 3% in the number of motor vehicle fatalities and fatal accidents. This increase is not only for vehicle occupants but also pedestrians. We propose a simple conceptual model to explain the effects of ridesharing’s introduction on accident rates. Consistent with the notion that ridesharing increases congestion and road use, we find that its introduction is associated with an increase in arterial vehicle miles traveled, excess gas consumption, and annual hours of delay in traffic. On the extensive margin, ridesharing’s arrival is also associated with an increase in new car registrations. We find weaker increases in accidents related to drunk driving. These effects are higher in cities with prior higher use of public transportation and carpools, consistent with a substitution effect, and in larger cities ... https://www.ssrn.com/abstract=3361227
https://www.ssrn.com/1776138.htmlTue, 02 Apr 2019 10:46:24 GMT